Morris

At a special election consolidated with the primary election of June 2, 1970, the voters of the state approved an amendment to section 1, article XVI, of the state Constitution, authorizing the Legislature to increase the maximum annual interest rate on previously authorized but unsold state general obligation bonds and ratifying legislation which increased from 5 to 7 percent the maximum annual interest rate payable on state general obligation bonds and which eliminated an existing 5 percent ceiling on the annual interest rate on bond sale anticipation notes.

Shortly after the election plaintiff Morris, a state taxpayer, filed this action to enjoin the state Treasurer from selling general obligation bonds and anticipation notes at interest rates, exceeding the former 5 percent limitation. The trial court sustained a general demurrer without leave to amend and entered a judgment of dismissal, from which plaintiff appeals.

Plaintiff’s attack on the 1970 constitutional amendment has no substance; his claims of constitutional invalidity are baseless.

First, plaintiff charges that the 1970 amendment violates the opening clause of article XVI, section 1 (fn. 2, supra)…